a) What is the change in demand if the price increases by 3%? Let E = 0.55. Use the following formula for change in demand: = -E * dp b) This means that when the price increases by 3%, then demand increases or decreases ? by %.

Algebra & Trigonometry with Analytic Geometry
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ISBN:9781133382119
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Chapter5: Inverse, Exponential, And Logarithmic Functions
Section5.3: The Natural Exponential Function
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a) What is the change in demand if the price increases by 3%? Let E = 0.55. Use the following formula for change in demand:
= -E* dp
b) This means that when the price increases by 3%, then demand increases or decreases ?
by
%.
Transcribed Image Text:a) What is the change in demand if the price increases by 3%? Let E = 0.55. Use the following formula for change in demand: = -E* dp b) This means that when the price increases by 3%, then demand increases or decreases ? by %.
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